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Tubacex (TUB) investor relations material
Tubacex Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary24 Jul, 2025
Executive summary
EBITDA reached €61M, up 21.8% year-over-year, with net profit surging 140.9% to €15.6M, despite a 9.2% decline in sales to €361.4M.
Order backlog remains robust at €1.4B, focused on high value-added products, ensuring future profitability and visibility.
Abu Dhabi plant investment completed; production and billing for ADNOC contract commencing in H2 2025, expected to drive significant growth.
Strategic Plan 2027 (NT2) remains on track, with optimism for medium and long-term prospects despite global uncertainty.
Results highlight resilience and validate strategic positioning in premium and niche markets.
Financial highlights
Sales for H1 2025 were €361.4M, down 9.2% year-over-year; EBITDA €61M (margin 16.9%), EBIT €37.4M (10.3%), pre-tax earnings €20.3M, net profit €15.6M (4.3% of sales), up 140.9% year-over-year.
Working capital at €384.6M, peaking as of June 30, with working capital/sales at 52.6%.
Net financial debt at €369M, with a net financial debt/EBITDA ratio of 3.1x; deleveraging expected to reach 2–2.5x by end of 2025.
CapEx for H1 2025 at €41.6M, mainly for Abu Dhabi plant; €134M in cash and €216M in liquidity, solvency rate at 33%.
Stock price up 20.9% in H1, with a target price implying 42% potential upside.
Outlook and guidance
Positive outlook for 2025, expecting stable or improved results and margins, with significant balance sheet improvement as ADNOC and Petrobras contracts are monetized.
Strategic focus on maintaining profitability margins between 14–15% of sales, even in adverse environments.
NT2 2027 plan targets: revenues €1.2–1.4B, EBITDA >€200M, NFD/EBITDA <2x, payout ratio 30–40%.
Commitment to reduce oil & gas exposure to one-third of business and lead in low-carbon sectors.
Cautious stance due to global uncertainty, with ongoing monitoring of market conditions.
Quantify ADNOC license impact this year.
Assess sustainability of 17% margin.
Detail aerospace/defense outlook by region.
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Q3 202527 Oct, 2025
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Frequently asked questions
Tubacex S.A. is a global manufacturer and distributor of seamless stainless steel tubes and pipes. The company specializes in providing high value-added products for industries such as oil and gas, power generation, petrochemicals, and other energy-related sectors. Its portfolio also includes fittings, hollow bars, and high-nickel alloy products. Tubacex operates internationally, with production and sales facilities across Europe, the Americas, and Asia, and offers end-to-end solutions from manufacturing to distribution. The company is headquartered in Llodio, Spain, and its shares are listed on the Madrid Stock Exchange.
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